Money in the Bank:
Saving some money as an emergency fund is the first thing you should look to do with any spare income. Set yourself a target amount to have as a safety net and a time frame to get there.
Tax Free Savings :
The UK government taxes the interest on any money in the bank.
If your sole income is your lottery award then you aren’t a Tax payer – as such you should complete form R85 from the inland revenue (link) to stop your bank accounts being taxed.
If you are already a tax payer, through part time work or as a ‘professional’ athlete then you may want to look at using your ISA –Individual Savings Account allowance of £3600 to save into.
The range of savings accounts is hugely varied and all will offer different rates with different terms and conditions. Do your homework to find which will be the best for you and your personal goals.
*The UK government has guaranteed all UK savings up to £50,000 with any one institution to help keep your money secure.
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